Saudi crude output hits 9.15m bpd

DUBAI: Top oil exporter Saudi Arabia pumped 9.15 million barrels per day of crude oil last month, an industry source said yesterday, slightly up from the 9.05m bpd it produced in January.

However, the kingdom slightly cut supply last month to 9.16m bpd, the source added. It supplied 9.26m bpd in January.

When crude supply exceeds output the difference is usually made up by oil taken from storage.

Saudi Arabia expects to raise its oil output in the second quarter to satisfy higher demand from China and feed economic recovery elsewhere.

It cut production in the fourth quarter of last year because of weak economic growth abroad and lower domestic consumption because of cooler weather.

Crude output from the Organisation of Petroleum Exporting Countries rose last month due to higher exports from Iraq and increased supply from Saudi Arabia.

gulf-daily-news, March 10, 2013